The Gulf War ranks in terms of scale of destruction and its consequent economic impact as one of the most devastating conflicts of modern times. Both Iran and Iraq are now confronted with the need to reconstruct shattered economies. What is clear, however, is that a return to the pre-war economic situation is not a realistic option. The cost of the conflict to Iraq means that it can never regain the lead it formerly held in economic performance and development levels. Similarly, the Islamic Republic cannot return to economic principles of the Shah’s regime. What, then, does reconstruction mean?
In The Economic Consequences of the Gulf War, Kamran Mofid details the formerly neglected costs of the conflict to both Iraq and Iran and to the region as a whole. The catastrophic effect of the conflict on the economies of Iran and Iraq is examined, looking in particular at its impact on oil production and exports, foreign exchange earnings and foreign trade, and agricultural performance. Case studies of the militarization of each country are provided, with pre-war data included for comparative purposes.
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